The MSCI UAE’s economic footprint continues to grow as three major companies—Adnoc Gas, Salik, and Dubai Electricity and Water Authority (Dewa)—are set to be included in the prestigious MSCI Emerging Markets Index starting next month. This milestone, effective after market closure on May 30, 2025, is expected to significantly expand their investor base and bolster their market presence globally.
The MSCI Emerging Markets Index, one of the most closely followed benchmarks by investors managing trillions of dollars in assets, tracks large and mid-cap companies from 24 emerging markets. The index currently features more than 1,320 constituents, providing critical performance insights to global investors.
ADNOC Gas Joins the MSCI Index
Adnoc Gas, the UAE’s state-owned natural gas provider, is the third company from the Adnoc group to be included in the index. Previously, Adnoc Distribution and Adnoc Drilling made their mark on the MSCI index. The inclusion is expected to broaden Adnoc Gas’s investor base, particularly in passive investment funds. The company anticipates attracting between $300 million to $500 million in passive cash inflows, an important step in diversifying its investor base.
Adnoc Gas CEO, Fatema Al Nuaimi, expressed confidence that the inclusion would build on the momentum created by the recent $2.84 billion offering, which increased the company’s free float by 80%. This, in turn, led to a dramatic six-fold rise in its daily trading volume. “Our strategic focus on growth will deliver further value for shareholders through 2025 and beyond,” said Al Nuaimi.
Operating across the entire gas value chain, Adnoc Gas supplies the UAE with around 60% of its gas needs and serves international customers in more than 20 countries. The company is looking to invest $15 billion from 2025 to 2029 in new growth opportunities, further solidifying its position in the market.
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Salik’s Inclusion Highlights Strategic Growth
Alongside Adnoc Gas, the Dubai-based toll operator Salik will also be added to the MSCI index. Salik’s inclusion comes on the back of a successful execution of its strategic plans, launched last year, which helped the company meet the necessary market capitalisation and liquidity requirements for inclusion. “MSCI’s UAE Index offers global investors ease of access and a compelling opportunity to capitalise on the UAE’s thriving equity market,” said Ibrahim Al Haddad, CEO of Salik.
Strong Financial Performance for Salik
Salik reported impressive first-quarter results, with net profits soaring 33.7% year-on-year to Dh370.6 million ($100.91 million), alongside a 33.7% increase in revenue to Dh751.6 million. The company has seen significant growth in traffic, with 210.8 million trips recorded in the first quarter of 2025—up 35% from the previous year. The operator has also expanded its toll system, adding two new gates in Dubai and introducing dynamic pricing, which is expected to drive additional revenue. Additionally, Salik is broadening its revenue streams through partnerships with Emaar Malls, Parkonic, and Liva, creating new revenue avenues beyond core tolling operations.
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Dewa’s Global Relevance Strengthened
Dewa, the largest listed company on the Dubai Financial Market with a market capitalisation of over Dh130 billion, will also benefit from its inclusion in the MSCI Emerging Markets Index. Dewa’s CEO, Saeed Al Tayer, noted that this recognition “reinforces our growing relevance on the global investment stage.” While the company reported a 23% decline in annual profit for the first quarter of 2025—down to Dh497.8 million—it still saw a 3% rise in revenue. Despite the drop in profits, Dewa’s inclusion in the index is expected to provide a boost through increased visibility, enhanced liquidity, and passive inflows from index-tracking investment products
UAE Companies Marking a New Era of Investment
The inclusion of these three UAE companies—Adnoc Gas, Salik, and Dewa—underscores the growing strength of the UAE’s market and its increasing integration into global financial systems. As MSCI index membership typically attracts more institutional investors and improves a company’s liquidity, this move is expected to provide these businesses with expanded access to international capital
Strengthening the UAE Economy
Moreover, Adnoc Gas, Salik, and Dewa’s rise onto the MSCI Emerging Markets Index signifies a new phase in the UAE’s economic development, offering broader opportunities for local companies to attract global attention and investment, which could positively impact the UAE economy overall. As the additions take effect in June, analysts expect the new constituents to enhance the overall appeal of the UAE’s stock market, further cementing its role as a key player in the global financial landscape
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